UFOP
Sep 15, 20221 min
Supply on the rapeseed-meal market was more than adequate due to the abundant rapeseed harvest. However, such supply contrasted with dwindling demand, especially for nearby positions.
By contrast, deliveries from November onwards attracted greater buying interest and were valued higher than September deliveries.
August wholesale prices were consistently stronger and not only up, on average, 10 percent on the previous month, but also 37 percent higher than August 2021 prices.
At the beginning of this September, spot commodity weakened. Agrarmarkt Informations-Gesellschaft (mbH) reported an average price of 325 euros (USD$325) per metric ton ex mill Sept. 8. By contrast, rapeseed meal rose on further forward positions, which were valued at 341 euros per ton.
Prices for soybean meal also climbed significantly in August.
On the one hand, they received support from unfavorable growing conditions in the U.S., the most important supplier on the world market.
On the other hand, they were driven by rising energy costs and the resulting rising logistics costs in combination tow-limited cargo space.
Soybean meal containing 48 percent crude protein was priced at on average 585 euros per ton fob mill in August.
This was up 3.1 percent on the previous month’s average and up as much as 45 percent on the year-earlier level.
Spot prices in Germany dropped as stock-exchange prices for soybeans tumbled at the beginning of September due to raised U.S. crop forecasts.